What will 2008 hold?

24 January 2008

With the year getting off to something less than a flying start on international stock exchanges due to tapering consumer excesses and the sub-prime fallout, the GhostDigest decided to canvas your views on what 2008 holds for the property market in general and the conveyancing profession in particular. To get the ball rolling, a quote from Tony Clarke, the Managing Director of Rawson Properties, "ABSA reports a drop in house price growth over the last year to 9,6% - a level last seen in May 2001. There has also been a decline of approximately 20% to 30% since April last year in the number of units sold. The number of home loan defaulters is also up some 30% on a year ago."

"Taking all these factors into consideration," says Clarke, "it is clear that we are now looking at a year in which property will be more difficult to sell and will increase in value at a slower pace".